Question: Question 1 (15 points + 2 BONUS points) It is March 2024, and my older son needs braces. The orthodontist has quoted a price of

Question 1 (15 points + 2 BONUS points) It is March 2024, and my older son needs braces. The orthodontist has quoted a price of $4500 for the braces. Of this price, $1500 will be covered by my insurance. For the remaining cost, I have been offered two payment options: s Option #1: an initial payment in March 2024 of $1000, with the rest of the money split over 10 equal monthly payments, starting in April 2024, Option #2: a 2% discount if I pay all of my portion of the cost in March 2024. That is, if 1 pay the entire balance up front, I only need to pay 98 cents for every dollar owed. e Notation: P is my initial payment under option #1, ' is my monthly payment under option #1, and P, is my payment under option #2. r is the monthly discount rate. Use this notation when answering the questions. (a) (2 points) Show how to caleulate P, C, and F;. NOTE: You must show your work, and you do not need to compute the final numbers to get full credit

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